Scottish house prices rise by 6.7% in year to March 2024, RoS – The Intermediary – Latest UK mortgage news

The average price of a property in Scotland reached £192,000 in March 2024, reflecting a 6.7% increase compared to March 2023, according to the latest provisional statistics from the UK House Price Index (HPI). Compared to the previous month, house prices in Scotland rose by 2.3% on a non-seasonally adjusted basis and by 1.4% on a seasonally adjusted basis.

For comparison, the UK average house price was £283,000, showing an annual increase of 1.8% from March 2023. Month-on-month, UK house prices increased by 0.7% on a non-seasonally adjusted basis and by 1.1% on a seasonally adjusted basis.

The volume of residential sales in Scotland in January 2024 was 6,047, representing a 4.4% annual increase compared to January 2023.

A Registers of Scotland spokesperson commented on the figures: “There was an increase of 6.7% (to £192,000) in the average house price for Scotland in the 12 months to March 2024. This compares to an increase of 1.8% (to £283,000) in average house prices for the UK as a whole.”

Average prices for local authorities are based on a three-month moving average to mitigate volatility. Increases were recorded in 31 out of 32 local authority areas compared to the previous year. The largest increase was in Inverclyde, where the average price rose by 14.5% to £124,000. The only decrease was in Aberdeenshire, where the average price fell by 2.1% to £193,000.

In March 2024, the highest-priced area to purchase a property was the City of Edinburgh, with an average price of £332,000. Conversely, the lowest-priced area was Inverclyde, with an average price of £124,000.